Proving that there is still life in the Singapore property market the only penthouse at Le Nouvel a luxury development in the high end Ardmore Park district has been sold for S$51 million.

Local real estate professionals were lifted by the robust result, given that prime district condos have registered eight straight quarters of price regression. There are still buyers around for the very top end of the luxury market and now and again they snap up what they feel is a comfortable deal.

A breakdown of the price paid works out to S$3,675 per sq ft (psf) for the 13,875 sq ft unit. With 5,000 sq ft given over to a roof terrace, the net price psf comes in at more than $5,000 psf for the interior living area.